Intensive Care Unit Market Size was valued at USD 6.9 Billion in 2022. The Intensive Care Unit market industry is projected to grow from USD 7.2 Billion in 2023 to USD 10 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.20% during the forecast period (2023 - 2032). An increase in patients, as well as cooperation and knowledge exchange are the key market drivers boosting the expansion of the ICU market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
An increase in the quantity of patients is driving the market growth
Market CAGR for intensive care unit is being driven by a rise in the quantity of patients. Ultrasound is a tool that is commonly used in intensive care units. It assists the physician in implanting lines and functions as a straightforward and safe research instrument. Most portable ultrasonography equipment used in critical care may be utilized by the patient's bed. This system is made up of gear that gathers patient data and uses a command center to send information from a remote ICU to a doctor who is located far away.
Additionally, the market for intensive care unit (ICU) equipment is expected to develop as a result of factors such the growing number of patients with cardiovascular and other diseases, the aging population worldwide, the use of minimally invasive operations, and the availability of better healthcare facilities. During the period covered by the forecast, favorable insurance company policies and the advancement of cutting-edge technology will boost several opportunities and propel the market for intensive care unit (ICU) equipment. The aging of the population, the rising incidence and prevalence of chronic illnesses that require hospitalization and the rising demand for ICUs for COVID-19 treatment are driving the market's expansion.
The demand for intensive care unit, or ICU, devices, geriatric patient growth, and the emergence of chronic syndromes such as diabetes, asthma, blood pressure, and many others are all driven by the effective increase in surgical procedures. Furthermore, it is projected that both the public and private sectors will spend more on healthcare infrastructure, propelling market expansion in both developed and emerging countries. Intensivists are in short supply, particularly in rural and isolated places. With the use of ICU, intensivist can monitor and discuss with patients from a distance while managing several ICUs at once. The aging population, rising rates of chronic illness, and improvements in critical care have raised the need for ICU services, which has fueled the uptake of ICU solutions.
For instance, the WHO estimates that 339 million people ly suffer from asthma. One of the main reasons people are admitted to the hospital and ICU is asthma. ICU ventilators are often the only means of breathing for asthma patients. Consequently, it is anticipated that a rise in chronic illness cases will propel market growth in the near future, with hospitalization accounting for an estimated 80% of all patients requiring intensive care unit care, demand for Intensive Care Unit supplements will increase due to A rise in the quantity of patients. Thus, result in driving the Intensive Care Unit market revenue.
The Intensive Care Unit market segmentation, based on type includes Hardware and Software. The hardware segment dominated the market, accounting because subdivided further, the hardware segment comprises the computer system, display panels, video feed, physiological monitors, connection lines, and therapeutic equipment. Doctors in the ICU and command center have access to the same patient data thanks to the hardware..
The Intensive Care Unit market segmentation, based on application, includes Hospitals, Clinics, and Others. The hospitals generated the most income because the main consumers of critical care units are hospitals. To give patients with life-threatening diseases with critical care, they have specialized ICUs furnished with cutting-edge medical technology, monitoring systems, and medical personnel with advanced training. Bigger hospitals might have several intensive care units (ICUs) with distinct specializations in various medical fields, including the cardiac, medical, or surgical ICUs.
Figure1: Intensive Care Unit (ICU) Market, by application,2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Intensive Care Unit market area will dominate this market, because of the widespread use of cutting-edge technologies and the high incidence of patients with heart and other illnesses.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: Intensive Care Unit (ICU) Market Share BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Intensive Care Unit market has the second-largest portion of the market due to the because of a greater public understanding of the significance of critical care and early intervention. Further, the German Intensive Care Unit market had the biggest market share, and the UK Intensive Care Unit market was the fastest growing market in the European region.
The Asia-Pacific Intensive Care Unit Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is because of the rise in healthcare costs. This may result in easier access to cutting-edge medical technologies, such as intensive care unit supplies and equipment. Moreover, China’s Intensive Care Unit market had the biggest market share, and the Indian Intensive Care Unit market was the fastest growing market in the Asia-Pacific region.
Intensive Care Unit Key Market Players& Competitive Insights
Leading market players are putting a lot of money on R&D to expand their product lines, which will help the market for weight reduction products grow. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. to grow and endure in an increasingly cutthroat and dynamic market, Intensive Care Unit industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the Intensive Care Unit industry to help customers and expand the market segment. In recent years, the Intensive Care Unit industry has provided some of the biggest benefits to medicine. Major players in the Intensive Care Unit market, including InTouch Health, Advanced ICU Care, Koninklijke Philips, Ceiba Tele ICU, Eagle Telemedicine, Apollo Telehealth Services., and others, are attempting to increase market demand by investing in research and development operations.
Established in Eindhoven in 1891, Koninklijke Philips N.V., or simply Philips, is a multinational conglomerate firm of Dutch origin. Although the Benelux headquarters are still in Eindhoven, the company has primarily operated out of Amsterdam since 1997. After selling off its other businesses, Philips, which was once among the biggest electronics corporations in the world, is now concentrating on the field of health technology .In October 2022, Following the announcement of a significant product recall that reduced the company's market value by more than half in the previous year, Philips announced the resignation of Frans Van Houten, its CEO of 12 years. With effect from that day, Roy Jakobs, EVP and Chief Business Leader of Connected Care at Philips, was to succeed him.
The Chicago, Illinois-based private equity firm Cloudbreak Health specializes in rollup transactions, growth capital, leveraged recapitalization, and leveraged buyouts. he company's primary areas of investment are high-growth sectors such as healthcare, financial services and technology, information services and technology, and growth business services.It is stated that has made over $15 billion in investments in more than 200 firms since 1980.The Company will employ over 80 people by 2021, with over 40 of them being investing professionals. In September 2023 it was revealed that GTCR has purchased Foundation Source, a Fairfield, Connecticut-based provider of foundation software for private foundations and philanthropic advisers.
Key Companies in the Intensive Care Unit (ICU) Market include
Intensive Care Unit Industry Developments
November 2022:Announced was the acquisition of the Delaware Life Insurance Company of New York by Nassau Financial Group, which has a legally binding arrangement with Delaware Life Insurance Company.
July 2020:With "Critical Connect," a service from Liberty General Insurance, customers can select between two options for an insured amount between Rs. 1 lakh and Rs. 1 crore. The user has the option to select from Critical Illness Bundles that cover 9, 25, or 43 critical illnesses if they decide to go with plan A. Plan B on the other hand provides disease-specific bundles including Brain Protect, Cancer Protect, Heart Protect, and Renoliv Protect.
May 2019:Introduced by Hamilton Medical, the V600 ventilator. Similarly, the Stellar 150 ventilator was unveiled by GE Healthcare.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 6.9 Billion |
| Market Size 2023 | USD 7.2 Billion |
| Market Size 2032 | USD 10 Billion |
| Compound Annual Growth Rate (CAGR) | 16.26% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | nTouch Health, Advanced ICU Care, Koninklijke Philips, Ceiba Tele ICU, Eagle Telemedicine, Apollo Telehealth Services, SOC Telemed, iMDsoft, Cloudbreak Health |
| Key Market Opportunities | The aging of the population and the rising prevalence |
| Key Market Dynamics | An increase of long-term illnesses |
Frequently Asked Questions (FAQ) :
The Intensive Care Unit market size was valued at USD 6.9 Billion in 2022.
The market is projected to grow at a CAGR of 4.20% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Advanced ICU Care, Koninklijke Philips, Ceiba Tele ICU, Eagle Telemedicine, Apollo Telehealth Services, and SOC Telemed.
The hardware dominated the market in 2022.
The hospital had the largest share in the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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